Pfizer CEO Albert Bourla to Engage with Activist Investor Starboard Value on Strategic Overhaul

Meeting Scheduled:
Pfizer CEO Albert Bourla and at least one other director, including lead independent director Shantanu Narayen, are set to meet with executives from activist hedge fund Starboard Value next week.

Starboard's Investment:
Starboard Value has acquired approximately $1 billion in Pfizer shares and is advocating for changes to enhance the company’s performance.

Performance Challenges:
Pfizer has struggled to regain momentum post-pandemic, with declining revenue from COVID-19 related products and underwhelming results from recent product introductions.

Strategic Overhaul:
The meeting is part of an initiative to address issues highlighted by Starboard concerning Pfizer's difficulties in finding a product to replace lost revenue from COVID vaccines and treatments.

Market Impact: Shares of Pfizer Inc. (NYSE:
PFE) increased over 3% following the news of the upcoming meeting.